Australian Super All what to know

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New terms and conditions

These changes may aﬀect you if you need to make a claim Find out how.

Go to page 8

Insurance costs

Insurance costs are

changing Find out why

and calculate the new

cost of your cover.

Go to page 2

%

2020-21

Work ratings

We’re renaming two of our work ratings Learn about work ratings and if you could pay less for your insurance

Go to page 6

Important

changes to

insurance 2021

Whether you currently have insurance through AustralianSuper or you decide to apply for cover

in the future, it’s important that you’re aware of some changes we’re making on 29 May 2021

and how they might aﬀect you.

AustralianSuper oﬀers insurance cover to all members It’s designed to provide a ﬁnancial safety net if you die or become ill or injured

We work hard to negotiate discounted bulk insurance rates to keep our cover aﬀordable and we review our insurance every year Our review includes the products we oﬀer, what they cost and

the claims made and paid during the previous year Inside you’ll ﬁnd details of the changes we’re making as a result of this year’s review.

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Insurance costs

2

$ x $ = $ a week

$10,000 for $10,000 of Death cover Example

Sally is 38 and has a Low Risk work rating She has $800,000 of Death cover

$800,000 x 0.095 = $7.60 a week

$10,000

Your new weekly cost of TPD cover

$ x $ = $ a week

$10,000 for $10,000 of TPD cover

Example

Sally is 38 and has a Low Risk work rating She has $250,000 of TPD cover

$250,000

x 0.168 = $4.20 a week $10,000

Your new weekly cost of Death cover

Death and TPD cover

Start by entering your current cover amount, then use the table on page 3 to find your new weekly cost based

on your age and work rating

Next, divide the amount of cover you have by $10,000 and then multiply by the weekly cost

What’s happening

On 29 May 2021, the cost of cover for Death, Total & Permanent Disablement (TPD) and Income Protection cover is changing The cost of TPD and Income Protection is increasing for most members, while the cost of Death cover is decreasing for most members, as shown in the tables on pages 3, 4 and 5 If your individual work rating is Low Risk, the cost of your Death cover will also increase

You’ll still only pay what it costs us to provide your cover AustralianSuper doesn’t make any profit from the insurance we provide Why insurance costs are changing

Over the past year, there’ve been fewer Death claims made by members with Standard and Professional work ratings, so we’re able to reduce the cost of Death cover for members who have these work ratings

Economic conditions, along with an increase in claims for TPD and Income Protection cover (and Death cover for members with a Low Risk work rating) means the cost for these cover types needs to go up

To learn more about work ratings turn to page 6, or for more information about the changes to the cost of cover, visit

australiansuper.com/InsuranceMatters

How to work out the new cost of your cover

To calculate the new cost, you’ll need to have your current cover details handy You can find your details using the

AustralianSuper app, by logging into your account and going to My insurance or by calling us on 1300 300 273

Your current cover details

Individual work rating

Income Protection amount

Income Protection benefit payment period Income Protection waiting period

You’re now ready to begin calculating your new weekly costs

From 27 March 2021, you can use our online calculator to compare the costs of your cover before and from 29 May 2021

Or you can calculate them manually using the formula area below for Death and TPD cover and on page 4 for Income Protection cover

You can also use our online calculator to check if the amount of cover you have is right for you To compare and check

go to australiansuper.com/InsuranceCalculator

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New weekly cost ($) and percentage change for $10,000 of Death and TPD cover from 29 May 2021

Age

Work rating

Total weekly costs are quoted gross of tax Costs are rounded for disclosure purposes Percentage changes (comparing 2020 costs to 2021 costs) are

rounded to the nearest value

* From 29 May 2021, the Standard work rating will be called Blue Collar † From 29 May 2021, the Low Risk work rating will be called White Collar

‡ If you had ﬁxed TPD cover before 28 October 2017 and were born on or before 28 October 1956, see page 8 for your new cost

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Age

Standard* work rating Benefit payment period

Up to 2 years Up to 5 years Up to age 65

Waiting period (days)

30 % 60 % 30 % 60 % 30 % 60 %

15 0.092 -1 0.020 5 0.182 1 0.126 2 0.805 55 0.589 55

16 0.092 -1 0.020 5 0.182 1 0.126 2 0.805 55 0.589 55

17 0.092 -1 0.020 5 0.182 1 0.126 2 0.805 55 0.589 55

18 0.092 -1 0.020 5 0.181 1 0.126 2 0.805 55 0.589 55

19 0.092 -1 0.020 5 0.181 1 0.126 2 0.805 55 0.589 55

20 0.092 -1 0.020 5 0.181 1 0.126 2 0.805 55 0.589 55

21 0.092 -1 0.022 5 0.184 1 0.128 2 0.828 55 0.603 55

22 0.093 -1 0.026 4 0.187 1 0.130 2 0.850 55 0.618 55

23 0.095 -1 0.029 7 0.191 1 0.132 2 0.872 55 0.636 56

24 0.098 -1 0.034 6 0.195 2 0.134 2 0.895 55 0.650 56

25 0.102 -1 0.036 6 0.200 2 0.138 1 0.923 55 0.673 55

26 0.106 -1 0.040 5 0.202 2 0.139 1 0.941 55 0.684 55

27 0.110 -2 0.043 5 0.205 1 0.141 1 0.962 55 0.695 55

28 0.116 -2 0.048 4 0.209 1 0.143 1 0.986 55 0.707 55

29 0.120 -2 0.052 4 0.213 1 0.146 1 1.014 55 0.722 55

30 0.128 -2 0.059 5 0.219 1 0.149 1 1.047 55 0.741 55

31 0.134 -1 0.065 5 0.227 1 0.153 1 1.087 55 0.764 55

32 0.139 -1 0.071 4 0.235 1 0.158 1 1.134 55 0.791 55

33 0.149 -1 0.078 4 0.245 1 0.164 1 1.185 55 0.823 55

34 0.157 -1 0.085 5 0.257 1 0.172 1 1.246 55 0.865 55

35 0.165 -2 0.092 5 0.270 1 0.180 1 1.312 55 0.909 55

36 0.175 -2 0.098 4 0.284 1 0.190 1 1.381 55 0.957 55

37 0.186 -2 0.105 4 0.301 1 0.203 1 1.455 55 1.013 55

38 0.197 -2 0.113 5 0.319 1 0.216 1 1.535 55 1.072 55

39 0.210 -1 0.121 4 0.339 1 0.231 1 1.617 55 1.137 55

40 0.222 -2 0.130 4 0.360 1 0.249 1 1.704 55 1.207 55

41 0.238 -2 0.139 5 0.384 1 0.268 1 1.792 55 1.283 55

42 0.253 -2 0.149 4 0.411 1 0.290 1 1.885 55 1.365 55

Age

Standard* work rating Benefit payment period

30 % 60 % 30 % 60 % 30 % 60 %

43 0.271 -1 0.159 4 0.440 1 0.315 1 1.983 55 1.451 55

44 0.288 -2 0.171 4 0.472 1 0.343 1 2.081 55 1.542 55

45 0.307 -2 0.183 4 0.507 1 0.373 1 2.184 55 1.637 55

46 0.329 -2 0.197 4 0.546 1 0.408 1 2.288 55 1.735 55

47 0.351 -2 0.210 4 0.589 1 0.445 1 2.392 55 1.837 55

48 0.376 -2 0.223 4 0.635 1 0.487 1 2.492 55 1.937 55

49 0.403 -2 0.240 4 0.686 1 0.532 1 2.595 55 2.038 55

50 0.433 -2 0.256 4 0.742 1 0.583 1 2.691 55 2.132 55

51 0.463 -2 0.274 4 0.803 1 0.637 1 2.780 55 2.222 55

52 0.498 -2 0.292 4 0.869 1 0.696 1 2.859 55 2.302 55

53 0.533 -2 0.312 4 0.942 1 0.759 1 2.926 55 2.368 55

54‡ 0.573 -2 0.335 4 1.022 1 0.829 1 2.978 55 2.420 55

55‡ 0.616 -2 0.357 4 1.108 1 0.903 1 3.010 55 2.451 55

56‡ 0.662 -2 0.381 4 1.203 1 0.983 1 3.014 55 2.455 55

57‡ 0.712 -2 0.406 4 1.306 1 1.070 1 2.988 55 2.430 55

58‡ 0.766 -2 0.432 4 1.423 1 1.165 1 2.932 55 2.376 55

59‡ 0.824 -2 0.460 4 1.550 1 1.267 1 2.828 55 2.280 55

60‡ 0.888 -2 0.492 4 1.619 1 1.294 1 2.671 55 2.134 55

61‡ 0.957 -2 0.525 4 1.482 1 1.171 1 2.444 55 1.930 55

62‡ 1.032 -2 0.559 4 1.295 1 1.005 1 2.135 55 1.657 55

63‡ 1.113 -2 0.594 4 1.036 1 0.783 1 1.707 55 1.291 55

64‡ 1.200 -2 0.634 4 0.658 1 0.467 1 1.086 55 0.769 55

65 1.297 -2 0.675 4 n/a n/a n/a n/a n/a n/a n/a n/a

New weekly cost ($) and percentage change for $100 a month of Income Protection

from 29 May 2021

Total weekly costs are quoted gross of tax Costs are rounded for disclosure purposes Percentage changes (comparing 2020 costs to 2021 costs) are rounded

to the nearest value

* From 29 May 2021, the Standard work rating will be called Blue Collar

‡ If you were an insured Finsuper member on 27 October 2017 and you were born on or before 28 October 1966, see page 8 for your new Income Protection cost

$ x $ = $ a week

$100 for $100 of Income Protection

Example

Sally is 38 and has a Low Risk work rating She has $2,200 a month of Income Protection with a benefit

payment period of up to two years and a 60 day waiting period

$2,200 x 0.073 = $1.61 a week

$100

Your new weekly cost for Income Protection cover

Income Protection cover

Start by entering your current cover amount, then use the tables on page 4 or 5 to find your new weekly costs based on your age, work rating, benefit payment period and waiting period

Next, divide the amount of cover you have by $100 and then multiply by the weekly cost

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Total weekly costs are quoted gross of tax Costs are rounded for disclosure purposes Percentage changes (comparing 2020 costs to 2021 costs) are rounded

to the nearest value

* From 29 May 2021, the Low Risk work rating will be called White Collar

New weekly cost ($) and percentage change for $100 a month of Income Protection from 29 May 2021

Age

Low Risk* work rating Benefit payment period

30 % 60 % 30 % 60 % 30 % 60 %

15 0.060 29 0.013 37 0.118 31 0.082 32 0.523 80 0.383 80

16 0.060 29 0.013 37 0.118 31 0.082 32 0.523 80 0.383 80

17 0.060 29 0.013 37 0.118 31 0.082 32 0.523 80 0.383 80

18 0.060 29 0.013 37 0.117 31 0.082 32 0.523 80 0.383 80

19 0.060 29 0.013 37 0.117 31 0.082 32 0.523 80 0.383 80

20 0.060 29 0.013 37 0.117 31 0.082 32 0.523 80 0.383 80

21 0.060 29 0.014 33 0.119 31 0.083 32 0.538 80 0.392 80

22 0.060 28 0.017 36 0.121 31 0.084 31 0.552 80 0.402 80

23 0.062 29 0.019 41 0.124 31 0.086 32 0.567 80 0.413 80

24 0.064 29 0.022 38 0.127 32 0.087 32 0.582 80 0.422 80

25 0.066 28 0.023 35 0.130 32 0.090 32 0.600 80 0.437 80

26 0.069 29 0.026 37 0.131 32 0.090 31 0.611 80 0.444 80

27 0.071 27 0.028 37 0.133 32 0.091 31 0.625 80 0.452 81

28 0.075 27 0.031 35 0.136 32 0.093 32 0.641 80 0.459 80

29 0.078 28 0.034 36 0.138 31 0.095 32 0.659 80 0.469 80

30 0.083 28 0.038 36 0.142 31 0.097 32 0.680 80 0.481 80

31 0.087 28 0.042 35 0.147 31 0.099 31 0.706 80 0.496 80

32 0.090 28 0.046 35 0.153 32 0.103 32 0.737 80 0.514 80

33 0.097 28 0.051 36 0.159 31 0.106 31 0.770 80 0.535 80

34 0.102 28 0.055 36 0.167 31 0.112 32 0.810 80 0.562 80

35 0.107 27 0.060 36 0.175 31 0.117 31 0.853 80 0.591 80

36 0.114 28 0.064 36 0.184 31 0.123 31 0.897 80 0.622 80

37 0.121 28 0.068 35 0.195 31 0.132 32 0.946 80 0.658 80

38 0.128 28 0.073 35 0.207 31 0.140 31 0.998 80 0.697 80

39 0.136 28 0.078 34 0.220 31 0.150 32 1.051 80 0.739 80

40 0.144 27 0.084 34 0.234 31 0.162 32 1.107 80 0.784 80

41 0.155 28 0.090 35 0.249 31 0.174 31 1.165 80 0.834 80

42 0.164 28 0.097 36 0.267 32 0.188 31 1.225 80 0.887 80

43 0.176 28 0.103 35 0.286 31 0.205 32 1.289 80 0.943 80

44 0.187 28 0.111 35 0.307 31 0.223 32 1.352 80 1.002 80

45 0.199 28 0.119 35 0.329 31 0.242 31 1.419 80 1.064 80

46 0.214 28 0.128 35 0.355 31 0.265 32 1.487 80 1.128 80

47 0.228 28 0.136 35 0.383 32 0.289 31 1.555 80 1.194 80

48 0.244 28 0.145 36 0.413 32 0.316 31 1.620 80 1.259 80

49 0.262 28 0.156 35 0.446 32 0.346 32 1.687 80 1.325 80

50 0.281 28 0.166 35 0.482 31 0.379 32 1.749 80 1.386 80

51 0.301 28 0.178 35 0.522 31 0.414 31 1.807 80 1.444 80

52 0.324 28 0.190 35 0.565 31 0.452 31 1.858 80 1.496 80

53 0.346 28 0.203 35 0.612 31 0.493 31 1.902 80 1.539 80

54‡ 0.372 28 0.218 35 0.664 31 0.539 31 1.936 80 1.573 80

55‡ 0.400 28 0.232 35 0.720 31 0.587 31 1.956 80 1.593 80

56‡ 0.430 28 0.247 35 0.782 31 0.639 31 1.959 80 1.596 80

57‡ 0.463 28 0.264 35 0.849 31 0.695 31 1.942 80 1.579 80

58‡ 0.498 28 0.281 35 0.925 31 0.757 31 1.906 80 1.544 80

59‡ 0.535 28 0.299 35 1.007 31 0.823 31 1.838 80 1.482 80

60‡ 0.577 28 0.320 35 1.052 31 0.841 31 1.736 80 1.387 80

61‡ 0.622 28 0.341 35 0.963 31 0.761 31 1.588 80 1.254 80

62‡ 0.671 28 0.363 35 0.842 31 0.653 31 1.388 80 1.077 80

63‡ 0.723 28 0.386 35 0.673 31 0.509 32 1.109 80 0.839 80

64‡ 0.780 28 0.412 35 0.428 31 0.303 31 0.706 80 0.500 80

65 0.843 28 0.439 35 n/a n/a n/a n/a n/a n/a n/a n/a

Age

Professional work rating Benefit payment period

30 % 60 % 30 % 60 % 30 % 60 %

15 0.046 10 0.010 17 0.091 12 0.063 13 0.402 55 0.294 55

16 0.046 10 0.010 17 0.091 12 0.063 13 0.402 55 0.294 55

17 0.046 10 0.010 17 0.091 12 0.063 13 0.402 55 0.294 55

18 0.046 10 0.010 17 0.090 12 0.063 13 0.402 55 0.294 55

19 0.046 10 0.010 17 0.090 12 0.063 13 0.402 55 0.294 55

20 0.046 10 0.010 17 0.090 12 0.063 13 0.402 55 0.294 55

21 0.046 10 0.011 16 0.092 12 0.064 13 0.414 55 0.301 55

22 0.046 9 0.013 16 0.093 12 0.065 13 0.425 55 0.309 55

23 0.047 9 0.014 15 0.095 12 0.066 13 0.436 55 0.318 56

24 0.049 10 0.017 18 0.097 12 0.067 13 0.447 55 0.325 56

25 0.051 10 0.018 18 0.100 13 0.069 13 0.461 55 0.336 55

26 0.053 10 0.020 17 0.101 13 0.069 12 0.470 55 0.342 55

27 0.055 9 0.021 14 0.102 12 0.070 12 0.481 55 0.347 55

28 0.058 9 0.024 16 0.104 12 0.071 12 0.493 55 0.353 55

29 0.060 9 0.026 16 0.106 12 0.073 13 0.507 55 0.361 55

30 0.064 9 0.029 15 0.109 12 0.074 12 0.523 55 0.370 55

31 0.067 9 0.032 15 0.113 12 0.076 12 0.543 55 0.382 55

32 0.069 9 0.035 14 0.117 12 0.079 13 0.567 55 0.395 55

33 0.074 9 0.039 16 0.122 12 0.082 12 0.592 55 0.411 55

34 0.078 9 0.042 15 0.128 12 0.086 12 0.623 55 0.432 55

35 0.082 8 0.046 16 0.135 12 0.090 12 0.656 55 0.454 55

36 0.087 9 0.049 16 0.142 12 0.095 12 0.690 55 0.478 55

37 0.093 9 0.052 14 0.150 12 0.101 12 0.727 55 0.506 55

38 0.098 9 0.056 15 0.159 12 0.108 13 0.767 55 0.536 55

39 0.105 10 0.060 15 0.169 12 0.115 12 0.808 55 0.568 55

40 0.111 9 0.065 16 0.180 12 0.124 12 0.852 55 0.603 55

41 0.119 9 0.069 15 0.192 12 0.134 12 0.896 55 0.641 55

42 0.126 9 0.074 15 0.205 12 0.145 12 0.942 55 0.682 55

43 0.135 9 0.079 15 0.220 12 0.157 12 0.991 55 0.725 55

44 0.144 9 0.085 15 0.236 12 0.171 12 1.040 55 0.771 55

45 0.153 9 0.091 15 0.253 12 0.186 12 1.092 55 0.818 55

46 0.164 9 0.098 15 0.273 12 0.204 12 1.144 55 0.867 55

47 0.175 9 0.105 16 0.294 12 0.222 12 1.196 55 0.918 55

48 0.188 9 0.111 15 0.317 12 0.243 12 1.246 55 0.968 55

49 0.201 9 0.120 15 0.343 12 0.266 12 1.297 55 1.019 55

50 0.216 9 0.128 16 0.371 12 0.291 12 1.345 55 1.066 55

51 0.231 9 0.137 16 0.401 12 0.318 12 1.390 55 1.111 55

52 0.249 9 0.146 15 0.434 12 0.348 12 1.429 55 1.151 55

53 0.266 9 0.156 16 0.471 12 0.379 12 1.463 55 1.184 55

54‡ 0.286 9 0.167 15 0.511 12 0.414 12 1.489 55 1.210 55

55‡ 0.308 9 0.178 15 0.554 12 0.451 12 1.505 55 1.225 55

56‡ 0.331 9 0.190 15 0.601 12 0.491 12 1.507 55 1.227 55

57‡ 0.356 9 0.203 15 0.653 12 0.535 12 1.494 55 1.215 55

58‡ 0.383 9 0.216 15 0.711 12 0.582 12 1.466 55 1.188 55

59‡ 0.412 9 0.230 15 0.775 12 0.633 12 1.414 55 1.140 55

60‡ 0.444 9 0.246 16 0.809 12 0.647 12 1.335 55 1.067 55

61‡ 0.478 9 0.262 15 0.741 12 0.585 12 1.222 55 0.965 55

62‡ 0.516 9 0.279 15 0.647 12 0.502 12 1.067 55 0.828 55

63‡ 0.556 9 0.297 15 0.518 12 0.391 12 0.853 55 0.645 55

64‡ 0.600 9 0.317 15 0.329 12 0.233 12 0.543 55 0.384 55

††

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Work ratings

Old work rating

name

New work

rating name

Description Blue Collar is our default work rating*

This rating will automatically be applied

to your insurance cover It will remain your rating unless you apply for a White Collar or Professional work rating and your application to change your rating

is accepted

A Blue Collar work rating is suitable if:

›you spend less than 80% of your job doing clerical or administrative activities in an oﬃce-based environment; and/or

›you’re exposed to unusual workplace hazards (some examples of unusual work hazards include working underground, working underwater, working at heights or working in the air)

You can apply for a White Collar work rating if:

›you spend more than 80% of your job doing clerical or administrative activities in an oﬃce-based environment, or

›you’re a professional using your university qualiﬁcation in a job that has no unusual work hazards (some examples of unusual work hazards include working underground, working underwater, working at heights or working in the air)

You can apply for a Professional work rating if:

›you spend more than 80% of your job doing clerical or administrative activities in an oﬃce-based environment, or

›you’re a professional using your university qualiﬁcation in a job that has no unusual work hazards (some examples of unusual work hazards include working underground, working underwater, working at heights or working in the air),

AND you’re earning $100,000 or more a year from your job,

AND you have a university qualiﬁcation or you have a management role in your company

Could you pay less for your cover?

If the usual activities of your job match the descriptions for

White Collar or Professional, you may be eligible to pay less

for your cover if you apply, and are accepted, for one of these

work ratings

Check if you may be eligible to apply for a diﬀerent

individual work rating by answering a few questions

Go to australiansuper.com/WorkRatingTool

You can then log into your online account, go to

My insurance and submit your request to change

Everyone who joins AustralianSuper and has insurance cover with us is automatically given an individual work rating

A work rating classiﬁes the usual activities of your job into one of three ratings: Standard, Low Risk or Professional Your work rating is one of the factors that determines how much you pay for your insurance cover Insurance cover with a Standard work rating is more expensive than the same insurance cover with a Low Risk or Professional work rating From 29 May 2021, we’re changing the name of two of our work ratings

We want to make it easier for you to understand which work rating applies to the usual activities of your job, and whether you could pay less for your cover by applying for a diﬀerent work rating

This table shows the old and new names and provides a description of each rating, so you can work out which rating is right for you Only the names of two of the work ratings are changing; how the ratings are applied remains the same

* GHD members automatically receive a White Collar work rating

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Nina could save $139 on the cost of her insurance cover

Nina is 35 years of age and has insurance through her super She has the following amounts of cover:

Death: $180,000

TPD: $53,000

Income Protection: $3,000 a month with a two year beneﬁt payment period and a 60 day waiting period

Based on her age and a Blue Collar work rating, Nina currently pays $341 a year for her Death, TPD and

Income Protection cover

The usual activities of Nina’s job are conducted in an oﬃce-based environment and she isn’t exposed to any

unusual work hazards

After answering a few questions on our Work Rating Tool, Nina learns she could apply to change her work

rating from Blue Collar to White Collar She applies to change her work rating to White Collar by logging into

her online account and submitting an application

Her application is approved by the insurer and the cost of her cover is reduced to $202 a year (from the date

it is approved)

$ 151

Yearly cost at age 35 for $180,000 of Death cover, $53,000 of TPD cover and $3,000 a month of Income Protection with a benefit payment period

of up to two years and a 60 day waiting period

$ 202

$ 341

Example of total cost of Death, TPD and Income Protection cover for diﬀerent work ratings

Cost of total cover with a Blue Collar work rating

Cost of total cover with a

White Collar work rating

Cost of total cover with a

Professional work rating

[Image removed]

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This document was issued in March 2021 by AustralianSuper Pty Ltd ABN 94 006 457 987 AFSL 233788, Trustee of AustralianSuper

ABN 65 714 394 898 and may contain general financial advice that does not take into account your personal objectives, situation or needs Before making a decision about AustralianSuper, consider your financial requirements and read the Product Disclosure Statement, available

at australiansuper.com/pds or by calling 1300 300 273

If you have any questions, we’re here to help

Call 1300 667 387 8.30am – 5pm AEST/AEDT weekdays

Email insurance@australiansuper.com

Web australiansuper.com/InsuranceMatters

Mail GPO Box 1901, MELBOURNE VIC 3001

Active employment test

What is changing?

Currently, the active employment test is one day for most

cover scenarios From 29 May 2021, the active employment

test is increasing from one day to 60 days

How will this change aﬀect me?

If your basic (default) insurance cover starts or restarts

on or after 29 May 2021, your basic cover will be limited

cover until you have been in active employment for 60

consecutive days Once you have completed 60 consecutive

days of active employment (noting this 60 consecutive

day period can begin up to 59 days before your basic cover

starts (or restarts)), your cover will no longer be limited

cover You will have full cover on day 61 (being the day

after the 60 consecutive days of active employment)

If limited cover applies to your insurance cover on or

after 29 May 2021, your limited cover will continue until

you have been in active employment for 60 consecutive

days Once you have completed 60 consecutive days of

active employment your cover will no longer be limited

cover You will have full cover on day 61 (being the day

after the 60 consecutive days of active employment)

Do I have to take any action?

No We are advising you of this change in case you need

to make a claim The change doesn’t impact on your ability

to make a claim However, it may impact how your claim

is assessed, as the change increases the period of limited

cover in the circumstances described above

Active employment – means you’re:

employed or self-employed, and

capable of doing the normal duties of

your job for at least 30 hours a week

(even if you’re not working 30 hours a week)

Active employment is tested if you make a claim

Limited cover – means you don’t have full cover yet and

you won’t be covered for any (pre-existing) illnesses or

injuries you already had before you got your insurance

Full cover – means your cover is not limited cover

Total & Permanent Disablement (TPD) deﬁnitions

What is changing?

If you have TPD cover and you make a claim, it’s assessed using one of the following deﬁnitions:

1 You’re unable to work in any suited occupation again

2 You’re unable to do every day working activities These deﬁnitions aren’t changing However, we are changing the way we apply them to TPD claims

How will this change aﬀect me?

If you make a TPD claim and your date of disablement is

on or after 29 May 2021:

Deﬁnition 1 will apply if, immediately before your date

of disablement, you were employed (including being self-employed) or you were unemployed for less than

16 consecutive months Currently, you can only have your claim assessed under Deﬁnition 1 if you have been unemployed for less than six consecutive months

Deﬁnition 2 will apply if, immediately before your date of disablement, you were unemployed for 16 consecutive months or longer Currently, your claim will be assessed under Deﬁnition 2 if you have been unemployed for six consecutive months or longer

These changes are positive It means that if you have been unemployed for a period between six consecutive months and less than 16 consecutive months, you will be eligible to have your claim assessed under Deﬁnition 1

Do I have to take any action?

No We are advising you of this change in case you need to make a TPD claim The change doesn’t impact

on your ability to make a claim However, it does mean some members will now be eligible to have their claim assessed under Deﬁnition 1

New terms and

conditions

For more information on these updates to our terms and conditions, read the FAQs at

australiansuper.com/InsuranceMatters

Read the Insurance in your super guide for more

information about making a claim Download

a copy at australiansuper.com/InsuranceGuide

Were you born on or before 28 October 1956?

If you had ﬁxed TPD cover before 28 October 2017,

and were born on or before 28 October 1956, the

new weekly cost of your ﬁxed TPD cover will be:

Age

New weekly cost ($) and percentage change for $10,000 of fixed TPD cover Standard* Low Risk* Professional

64 4.088 9% 2.248 20% 1.635 -3%

* From 29 May 2021, Standard will be called Blue Collar and Low Risk

will be called White Collar

Were you an insured Finsuper member?

On 28 October 2017 your account switched to AustralianSuper Plan If you were born on or before

28 Oct 1966 and have Income Protection with a two year beneﬁt payment period and 30 day waiting period, the new weekly cost of your Income Protection* will be:

Age New weekly cost ($) and percentage

change for Income Protection

* Your Income Protection will stop at age 65

Is your email address up to date?

If you’d like to receive email communications from us, you can update your email address and preferences in your online account

Register today or log in at

australiansuper.com/UpdateEmail

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